Global Aquaponics Market 2019-2023 | Growing Inclination Towards Controlled Environment Farming to Boost Demand | Technavio
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Technavio analysts forecast the global aquaponics market to grow at a CAGR of over 11% by 2023. (Graphic: Business Wire)
The initiatives by government agencies for supporting aquaponics is one of the major trends being witnessed in the global aquaponics market 2019-2023. With the rise in population, food production also needs to be increased. So, farmers must adopt new technologies for farming to increase food production. Aquaponics is an ideal option to increase the yield, as well as to meet the growing demand for food products. The benefits offered by aquaponics also encourage many government agencies to support urban farmers to invest in aquaponics.
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According to Technavio analysts, one of the key factors contributing to the growth of the global aquaponics market is the growing inclination towards controlled environment farming:
Global aquaponics market: Growing inclination towards controlled environment farming
The controlled environment farming ensures optimal usage of resources such as water and avoids the use of pesticides and fertilizers for farming. Aquaponics is a closed system farming method, that helps farmers overcome the challenges they face due to water scarcity, soil degradation, and food security.
According to a senior analyst at Technavio for research on agricultural equipment, “Aquaponics is a controlled environment farming method. In this method, plants grow without the soil and the water is recirculated and reused effectively. As the aquaponics does not require soil, the plants can be grown in rooftops, rocky surfaces, and other dry areas.”
Global aquaponics market: Segmentation analysis
The global aquaponics market research report provides market segmentation by application (aquaculture and hydroponics), by technique (DWC, NFT, and media-filled bed), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major techniques, the DWC segment held the largest market share in 2018, contributing to over 67% of the market. This segment is expected to continue to dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for close to 53% share, followed by EMEA and APAC respectively. The region is expected to continue to dominate the market during the forecast period.
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Source: Technavio Research